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Synergy Aerospace is still doing due diligence of Jet Airways, which was admitted for the insolvency on June 20, the airlines resolution professional Ashish Chhauchharia told the NCLT.
A three member NCLAT bench said that the Dutch administrator would be part of the CoC meeting and would be given minutes of the meetings.
The news follows after Jet Airways’ lone bidder, Synergy Group, met with government officials on September 18 to discuss revival of the sunken airline and recovery of its flying slots.
The index is just 25 points away from turning negative for the year 2019, and has fallen 4,219 points or little over 10 percent from its record high of 40,312 registered in June 2019.
Synergy Group will also send a team to evaluate Jet Airways’ assets, the report said. It has met the beleaguered airlines' lenders and presented a potential business plans, which entails downscaling its operations
When contacted, Antonio Guizzetti, the president of the Washington-based Guizzetti & Associates, which is the legal adviser to the Synergy Group, said he was not aware of the developments.
The rights are being distributed temporarily and will be taken back if Jet resumes operations.
This is the first time that the central agency is grilling him after it conducted searches against him last year.
NCLAT also said IRP may consult the CoC before finalising the draft. It listed the next hearing for September 20.
South American conglomerate Synergy Group Corp has expressed an interest in acquiring a majority stake in grounded Jet Airways.
The third deadline for submission of Expression of Interest (EoI) ended on August 31. With no new bidders emerging during this period, there are only three entities that had put in their initial bids earlier.
Cash-strapped Jet Airways temporarily suspended is operations in April.
The decision to extend the deadline for EoIs was taken by the lenders at a meeting of committee of creditors held in the financial capital.
In this Money Control Deep Dive, we bring you the Jet airways saga in the context of just how the company came to this juncture.
Sources in the industry fear that the interest in Jet may be limited to its assets such as aircraft and airport slots
The Enforcement Directorate found that Jet Airways paid a higher commission to their agents, and in most of the cases, the commissions were paid to these companies were non-existent. In another method, expenditures were inflated, and the money was sent money overseas.
The searches are being carried out under the provisions of the Foreign Exchange Management Act (FEMA) and are aimed at gathering additional evidence.
InterGlobe and SpiceJet shot up around 60 percent each in last nine months, thanks to suspension of airline services by cash-strapped Jet Airways which resulted into higher ticket prices and stable crude oil prices.
The list was to be issued on August 21. It may be delayed by two days.
The appellate tribunal has also asked the CoC to inform whether they are ready to pay fees and bear costs incurred by the Dutch administrator.
The affairs of Jet Airways, which closed down its operations on April 17, are now being managed by resolution professional Ashish Chhawchharia under the insolvency law.
Has the demise of Jet Airways given new wings to Indian aviation?
None of the two remaining suitors are known to have prior interest in aviation. A prospective list of bidders will be announced on August 13
Volcan Investments, the family trust of Vedanta Chairman Anil Agarwal, had submitted an EoI for the debt-ridden airline giving a fresh lease of life to the subdued bidding process.